New figures released by the Finance & Leasing Association (FLA) show that asset finance grew in 2017, marking a seventh consecutive year of growth.

Asset finance new business (primarily leasing and hire purchase) grew by 5% last year, and new business in December 2017 increased by 4% year-on-year.

The asset finance industry reported a record level of new business, with almost £32 billion being lent in 2017. Of that near £32 billion, £18.6 billion went to SMEs, 12% more than 2016.

Geraldine Kelly, head of research and chief economist at the FLA, said: “The asset finance industry reported a record level of new business of almost £32 billion in 2017, despite challenging economic conditions and subdued business investment growth.

“The latest figures also reveal that asset finance is a vital source of funding for SMEs when investing in business equipment and machinery. Of the total asset finance new business in 2017, £18.6 billion went to SMEs – 12% higher than in 2016.”

With these trends set to continue in 2018, now could be the time to look for funding to take your business to the next step.

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